According to the Biometric System Market study, the market size, revenue growth, and CAGR from 2022 to 2030 are all covered. In order to provide readers a competitive edge, the research also offers significant insights about the leading companies in the market, in-depth SWOT analysis, Porter's Five Forces analysis, and feasibility analysis. The paper focuses on the most recent trends, significant difficulties, prospects, and constraints of the present epidemic.
According to Emergen Research's most recent estimate, the size of the worldwide biometric system market is anticipated to reach USD 115.41 billion in 2030, with a 13.2% revenue CAGR. The increase in demand and widespread use of contactless biometrics systems in the global healthcare sector can be ascribed to the market revenue growth of biometric systems. A dual-faced biometric and fever detection system for access control, such as NeoFace Thermal Express, was introduced by NEC Company on May 8, 2020. The gadget can identify high body temperatures and Personal Protective Equipment (PPE) items like face masks and others. Also, a rise in the need for high-level security in the private, business, and public sectors is another element boosting market revenue growth.
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Competitive Terrain:
The global Biometric System industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
Leading Market Players Profiled in the Report:
BIO-key International, NEC Corporation, Secunet Security Networks AG, HID Global Corporation, FUJITSU, Cognitec Systems GmbH, Thales, Precise Group, Aware Inc., Siemens, SUPREMA and IrisGuard Ltd
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Some Key Highlights in the Report
- On 7 July 2021, Thales announced the launch of a new voice biometric solution as a part of Thales Trusted Digital Identity Service Platform. The launch is expected to meet demand of mobile operator call centers to fight identity fraud whilst providing a seamless customer experience.
- The software segment revenue is expected to register a fast growth rate over the forecast period. Biometrics has generated a lot of attention owing to the growing demand for strong encryption services to reduce fraud and malicious attacks. Software solutions are essential for assuring biometric device interoperability and compatibility. The use of cloud-based services and AI for biometric devices is expected to increase demand for related software to assure device and operating system compatibility for various applications.
- The non-contact-based segment accounted for a significantly larger revenue share in 2021. The industry is growing owing to the increase in demand for smartphones with face recognition software to improve security. In addition, the integration of digital disruptive technologies such as AI and automation has boosted the demand for contactless biometric solutions. Furthermore, increased worries about the spread of coronavirus through contact-based biometric solutions have prompted end-users to switch to contactless technologies, and this trend is expected to continue during the forecast period.
- The biometric system market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period. Most countries in the region are getting rid of conventional process of manual passwords, signatures, or token-based authentication, especially in the banking sector. China and India have some of the most extensive consumer bases for biometric systems, which is increasing demand for voice biometrics in these countries. Furthermore, China is a significant customer and supplier of face recognition technology since the country's law enforcement agencies, as well as other government agencies, have adopted surveillance technologies.
Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Biometric System market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Competitive Outlook: The leading companies operating in the Biometric System market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Report Objective: The primary objective of this report is to provide the manufacturers, distributors, suppliers, and buyers engaged in this sector with access to a deeper and improved understanding of the global Biometric System market.
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Market Overview:
The report bifurcates the Biometric System market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Hardware
- Software
- Authentication Type Outlook (Revenue, USD Billion; 2019-2030)
- Single-Factor Authentication
- Multi-Factor Authentication
- Contact Type Outlook (Revenue, USD Billion; 2019-2030)
- Contact-based
- Non-Contact-based
- Hybrid
Regional Outlook:
- North America (the U.S., Canada, Mexico)
- Europe (the U.K., Germany, France, Italy)
- Asia Pacific (India, China, Japan, Korea)
- Latin America (Brazil, Argentina, Ecuador, Chile)
- Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran)
Key reasons to buy the Global Biometric System Market report:
- The latest report comprehensively studies the global Biometric System market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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